Community Development Committee to consider development proposal for Downtown East

WHAT:The City Council’s Community Development Committee will hear details on a proposed development by Ryan Companies that would be located on five blocks in Downtown East, creating office space, parking, residential units, and a park. The committee will vote on whether to authorize City staff to move forward and negotiate agreements with Ryan Companies and the Minnesota Sports Facilities Authority.

WHEN:1:30 p.m. Tuesday, July 9, 2013

WHERE:City Council Chamber, room 317 of City Hall, 350 S. Fifth St.

MORE:The proposed development would include:

·Approximately one million square feet of office space

·A parking ramp with approximately 1,300 stalls

·Approximately 300-350 multi-family housing units

·About 40,000 square feet of retail space

·Skyways connecting the Haaf Ramp through the development to the new stadium

·A basic park, known as “The Yard” on two blocks that would be actively programmed for the public and for events occurring in the stadium

·No City funding in the office space, retail, and residential components of the project, which would be privately funded. The City’s financial participation would be limited to financing the majority of the construction costs for the park and parking ramp, and the City’s bonds would be guaranteed for at least ten years by Ryan Companies, and longer if parking ramp revenues do not cover bond payments.

If the Community Development Committee authorizes staff to move forward to negotiate agreements with Ryan Companies and the MSFA, the item would go to the full City Council on July 19. Additional City approvals and Council actions would also be needed later in the development process.